Centavo-only fuel price rollback takes effect this week

CEBU CITY, Philippines – Motorists hoping for meaningful relief at the pump this week will have to settle for centavos.

The Department of Energy (DOE) announced that pump prices of gasoline, diesel, and kerosene will roll back starting Tuesday, August 4. 

But the cuts are so slight that even Energy Secretary Sharon Garon acknowledged there was little to celebrate.

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According to the DOE’s Oil Industry Management Bureau (OIMB) advisory dated Monday, August 3, gasoline products — RON 97, RON 95, and RON 91 — will each go down by a minimum of just P0.73 per liter, diesel and diesel plus by P0.60 per liter, and kerosene by P2.09 per liter.

Garin herself downplayed the size of the rollback even as she announced it.

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“Today, I am pleased to share that we do not have bad news for the oil prices, although the good news is medyo konti lang yung adjustment [the adjustment is just a bit small],” Garin told reporters on Monday’s briefer.

The rollback comes on the heels of steep increases the previous week, meaning the centavo-sized relief barely makes a dent for consumers still absorbing higher pump prices.

Still, Garin maintained that any rollback, however small, counts for households and industries running on tight margins.

“I know that many of you are still feeling the weight of the past week’s increases, but every rollback matters. It means a little more room in the family budget, a little less pressure on our drivers, farmers, and small businesses who move this economy every single day,” she said.

Why the rollback is so small

The meager adjustment is still tied to the continued volatility in the Middle East, where tensions involving the United States, Iran, and Israel remain unresolved.

“This also shows the fact that the Middle East conflict is still volatile, and we still have to brace ourselves and be prudent in our spending as far as fuel is concerned,” Garin said.

She warned that a further escalation of the conflict could reverse this week’s modest gain and send prices climbing again.

Any real, lasting agreement among the parties involved would be needed before consumers see more substantial relief, she added.

“Kasi ‘di po natin alam kung mag-eescalate pa ang gyera, then the prices go up. But if there is any sliver of hope na nakikita ng mga tao, then bababa ang pressure until we see a more permanent agreement among the parties concerned, specifically the U.S., Iran, and Israel,” said Garin.

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